- In most situations, you'd want an overdrive or distortion effect. This is not really possible without a real effect like that.

- Even if you want a mere clean guitar sound, the trick is in the performance details. A fret noise here, a fret slide there, a finger vibration on one string, or a tremolo bridge for vibrato on all the strings, high playing on a low string, or low playing on a high string, certain low chords or lowstring combinations that can't be done, the time it takes to move from one position to another position etc. etc. There are so many ways to fail here. :-) let's not forget that a tracker with a maximum grid of 16th notes doesn't offer enough details for everything that happens with notes and between notes.

The only way would be to associate distortion with "a whole lot of mess 'n noise" and then make an FM voice with just the right amount of feedback and FM-level. But that's about it. It's far from the genuine "mess 'n noise" you'd get from a distorted guitar sound, played the right way.

Wolf: You've to think 90s when you made the intro of MB Muzax 2. Not FM8 in combination with anything modern.
You did well on FM-PAC then. That intro still stands as a rock. That guitar could be usable in any fm tune that needs it. The rest is details which no one will ever care about if it's done on MSX

The (absolutely fantastic) soundtrack of "Fighter's Ragnarök" has a song that pulls off a pretty convincing electrical guitar on OPLL, more or less according to the philosophy/technique already mentioned by wolf_ and Meits.
I've just made a video that first showcases the song fully, then plays the particular channels where it's in.https://youtu.be/BoYfQG6FaYU
Wait for it a bit; the guitar lead I'm talking about is at the end of the song. After that, I've isolated the two channels where it happens. First you'll hear them both, then the main one alone, then the channel that serves for the delay (or reverb, if you will). You will notice that the delay channel deliberately modulates ('vibrates') differently (specifically: deeper) to create an even fatter sound.
(some loss of quality was inevitable as both Audacity as Movie Maker weren't too happy with the original formats)

So it's possible like this. But hasn't been done much. I have noticed that, especially in the beginning, MSX OPLL (and PSG) composers/arrangers would usually opt for not trying to approach the sound of a distortion guitar as close as possible, but let the specific parts speak for themselves.
The final battle theme of Ys II?. The listener will immediately recognize that this is supposed to be a piece of hardrock. Even in the parts where the 'guitar' uses only one channel instead of the two you'd normally think are needed to simulate a 'power chord'. And by the time the 'guitar solo' at the end pops up, we can rest assured that the listeners will fill in the blanks of the missing rhythm guitar with their inner ear. This arranger even went as far as sacrificing that precious 3rd channel just to echo the lead.The PC-88 original didn't beat around the bush, by the way, but it didn't have to.

No, that's the "Slide Guitar 1", one of the pre-made SW voices that Moonblaster 1.4 provides.
The harpsichord that I meant is a HW preset. The one that's very prominent in that Last Armageddon song that I posted.